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In August 1, 2010, Volmar Corporation purchased a new machine on a deferred payment basis. A down payment of $4,000 was made and four annual instalments of $6,000 each are to be made beginning on September 1, 2010. The cash equivalent price of the machine was $25,000. Due to an employee strike, Volmar could not install the machine immediately, and thus incurred $300 of storage costs. Costs of installation (excluding the storage costs) amounted to $800. The amount to be capitalized as the cost of the machine is ??
Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.
Any plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newly acquired assets.
After he had paid for the computer, he discovered a rebate coupon inside the packaging. He filled out the required form and sent it to the manufacturer. The next week he received a $100 check from the manufacturer. How much should Ted include in g..
As part of the proposed project, the German operation is required to pay an annual royalty of 500,00 to the parent company. Explain the cash flow implications of payment referred to above for the parent company.
The company would require $475,000 of assets, and it would be financed entirely with common stock. The investor will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have a R..
Find two annual reports from competing publicly traded companies of your choice. Prepare an overview of the two companies including a brief synopsis of the industry the companies are in, the market share each company holds, and the length of time ..
On June 1, 2007, Rehman, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2017. The bonds are callable at 102.
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby-Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entri..
If a parent company and outside investors purchase shares of a subsidiary in relation to existing stock ownership (ratably).
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
Paul and Ray agree that some of the inventory is obsolete. The inventory account is decreased before Janet is admitted. Janet invests $190,000 for a one-fourth interest.
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
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